{"id":92969,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/alef-education-debuts-on-the-adx-in-abu-dhabis-first-ipo-of-the-year\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"alef-education-debuts-on-the-adx-in-abu-dhabis-first-ipo-of-the-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/12\/alef-education-debuts-on-the-adx-in-abu-dhabis-first-ipo-of-the-year\/","title":{"rendered":"Alef Education debuts on the ADX in Abu Dhabi\u2019s first IPO of the year"},"content":{"rendered":"

Good morning, friends, and happy hump day. <\/strong>The news is trudging along as we near the end of the week and the four-day Eid weekend, with a lot of activity on the M&A front.<\/span><\/p>\n

THE BIG STORY here at home<\/strong> is Adnoc Drilling and Alpha Dhabi\u2019s JV \u2014 Enersol \u2014 raising its stake in US oil engineering firm Gordon Technologies, with plans to make more acquisitions in 3Q 2024, EnterpriseAM UAE has learned. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

<\/a> #1- Work permits and residency visas can now be processed in five days instead of 30 <\/strong>days,<\/strong> after the Human Resources and Emiratisation Ministry rolled out the second phase of its Work Bundle<\/a> platform across all emirates, the authority said on X<\/a>. The second phase of the initiative \u2014 which looks to streamline hiring processes for businesses and companies and facilitate work permit renewals by unifying essential employment and residency services onto a single platform \u2014 covers some 600k companies and over 7 mn workers.<\/p>\n

#2- The Central Bank of the UAE is requiring banks to notify customers of their right to resort <\/strong>to its dispute resolution unit, <\/strong> Sanadak,<\/strong> Mubasher<\/a> reports, citing a circular. The decision also requires ins. companies and any licensed financial institutions to inform customers in writing of their right to resort to the unit. Customers have three years to file a complaint without charge from the date of the incident. <\/p>\n

ICYMI<\/strong>- The Central Bank launched Sanadak, a new ombudsman unit responsible<\/a> for dispute resolution, in March. Consumers can now file claims against ins. companies and banks through Sanadak's website<\/a> or app.<\/p>\n

#3- The deadline for submitting requests to redeem balances on <\/strong>e-AED<\/strong> cards is 30 June,<\/strong> the Finance Ministry said in an X post<\/a>. Redeem requests can be submitted through the Ministry's website<\/a>.<\/p>\n

#4- The Federal Tax Authority has issued a public <\/strong>clarification (pdf)<\/a><\/strong> on corporate tax <\/strong>registration <\/strong>timelines, <\/strong>available on its website<\/a>. The clarification does not include amendments to the previous legislation effective since March, but clarifies tax registration application deadlines for taxable persons, including residents and non-residents, and registration requirements for juridical persons seeking exemption from the tax.<\/p>\n

#5- Emirates can now apply for home loans via one entity, down from 11,<\/strong> after Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved the launch of the Manzili housing services bundle yesterday, Wam<\/a> reports. The initiative \u2014 which offers 18 housing services and cuts back procedures for filing a loan request \u2014 looks to eliminate some 2k government processes and slash processing time by 50% within a year. Required approval documents for home loans have also been reduced from 10 to two documents.<\/p>\n

PLUS- The Dubai Ruler also greenlit AED 1.68 bn in housing support under the Sheikh <\/strong>Zayed Housing Program, <\/strong>covering over 2.1k new homes for citizens, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said on X<\/a>.<\/p>\n

#6- The Sustainable Finance Working Group introduced new principles for <\/strong>sustainability-related disclosures<\/strong> for licensed financial institutions, covering ESG policies and procedures and transparency in reporting, according to a statement<\/a> from the Securities and Commodities Authority. While SCA has signed off on the new principles, they have not yet been officially released. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- e& optimistic about prospects of a PPF takeover despite EU probe: <\/strong>Telecoms giant e& plans to close the acquisition<\/a> of Czech PPF Telecom Group\u2019s assets in Eastern Europe this year, as it remains \u201cfully committed to the transaction,\u201d the telco said in a bourse filing (pdf)<\/a> yesterday. e& noted that the European Commission\u2019s probe into the takeover is merely a \u201cprocedural step,\u201d which does not predetermine the investigation\u2019s outcome, and that it will cooperate with the commission closely towards a conclusion for the probe. <\/p>\n

ICYMI- <\/strong>The European Commission said on Monday<\/a> that it had launched an investigation into e&\u2019s bid to acquire PPF\u2019s assets in its first anti-subsidy probe into foreign buyers. The commission claims the telecoms giant received state support \u2014 in the form of a guarantee and a loan from state banks \u2014 that impacted its position to acquire the company and hampers market competition. It will make a final decision on the takeover by 15 October. <\/p>\n

Background:<\/strong> e& had agreed to acquire a 50% stake plus one share in PPF Group\u2019s telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9 bn) last August. Bulgaria\u2019s Competition Protection Commission greenlit e&\u2019s acquisition of Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin Bulgaria from PPF Group in February<\/a> as part of the transaction, with CEO Hatem Dowidar saying he expected to close the acquisition a few weeks later, following the receipt of final regulatory approvals.<\/p>\n

<\/a> #2- Germany\u2019s Covestro is holding a supervisory board meeting today to discuss granting Adnoc due diligence<\/strong>, following a year of stalled negotiations, Bloomberg<\/a> reports, citing people familiar with the matter. Adnoc could potentially raise its bid from the current EUR 60 per share, with Covestro angling for a EUR 1-2 bump. Due diligence would likely take place this month, with the revised bid expected to be made in July. <\/p>\n

#3- The General Budget Committee discussed the draft general budget for 2025 <\/strong>within the 2022-2026 budget plan, instructing the preparation and submission of next year\u2019s federal budget to the cabinet, Wam<\/a> reports. The committee also reviewed this year\u2019s current cashflow, financial position, and progress on the development projects completed over the past months. <\/p>\n

DATA POINTS-<\/p>\n

#1- The UAE ranked among the top 10 countries in sustainable construction,<\/strong> holding a total of 641 Leadership in Energy and Environmental Design (Leed) certified projects, according to the latest report (pdf)<\/a> by project management services firm Stonehaven. Dubai took the lead in the Emirates\u2019 sustainable construction efforts with 348 Leed-certified projects, followed by Ras Al Khaimah with 120 projects. <\/p>\n

#2- Dubai International Airport expects to see over 3.7 mn guests pass through between <\/strong>12 <\/strong>and 25 June, <\/strong>averaging daily traffic of 264k on the back of schools letting out for vacation, Wam<\/a> reports. Some 287k guests are expected to flood the airport on 22 June alone.<\/p>\n

#3- The World Bank reaffirmed its forecast for economic growth in the UAE for the next <\/strong>two years in <\/strong>its Global Economic Prospects<\/a>report (pdf)<\/a> that it sees the economy growing at a 3.9% clip in 2024 and 4.1% in 2025. <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The UAE and Azerbaijan\u2019s Ministerial Experience Exchange Forum is on its final day <\/strong>today <\/strong>in Baku, Azerbaijan, as part of a strategic partnership inked in November 2022 to advance government knowledge exchange, Wam<\/a> reports. The two-day forum will look to ramp up UAE-Azerbaijan relations in economic diversification and investment, environmental protection and green energy, education, health, social quality of life, and public service and innovation. State Minister for Government Development and Future Ohoud Al Roumi will be in attendance, alongside several other ministry officials.<\/p>\n

<\/a> #2- Alef Education\u2019s shares will begin trading on the ADX today under the ticker AlefEdT. <\/strong>The IPO raised<\/a> AED 1.89 bn, with over AED 74 bn in orders from local, regional and international investors. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

The global press\u2019 attention is squarely focused on the ongoing courtroom drama that is<\/strong> US politics<\/strong>, with news that US President Joe Biden\u2019s son Hunter was convicted<\/a> for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond. Some think the verdict could be a help, rather than a hindrance, to the Biden campaign, with the New York Times writing<\/a> that the verdict undercuts a key Trump talking point \u2014 and fundraising pitch \u2014 about a rigged justice system.<\/p>\n

MEANWHILE IN TECH NEWS- Apple\u2019s AI collab with OpenAI already seems to be paying off<\/strong>, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before. <\/p>\n

The expected boost in iPhone sales could see Apple become the world\u2019s largest<\/strong> company once again<\/strong>, with its market cap now sitting at USD 3.18 tn, just behind the world\u2019s most valuable company Microsoft with USD 3.22 tn. <\/p>\n

FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is <\/strong>turning up the<\/a><\/strong>heat<\/a><\/strong> on foreign financial institutions with ties to Russia <\/strong>with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia\u2019s military-industrial complex.<\/p>\n

AND IN MARKET NEWS- OPEC is staying by its high demand forecast for the year despite<\/strong> a shaky start<\/strong>, pointing to an expected uptick<\/a> in travel and tourism later in the year driving oil demand to 2.25 mn bbl\/d this year in its latest monthly report (pdf)<\/a>. There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.<\/p>\n

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OIL WATCH- <\/p>\n

The UAE is ramping up its oil purchases from neighboring oil exporters, <\/strong>after upgrading the Ruwais refinery, which has the capacity to process a wider variety of oil, Bloomberg<\/a> reports. Abu Dhabi National Company (Adnoc) imported a second shipment of 1 mn Basrah heavy crude barrels from Iraq in May, which comes on the heels of its initial heavy oil delivery in April<\/a>, according to Bloomberg tanker-tracking data. <\/p>\n

The tanker Sypros also reportedly delivered oil from Saudi Arabia to the UAE in May<\/strong>, comprising a \u201crare shipment\u201d of straight-run fuel oil that requires further processing at Adnoc\u2019s upgraded refinery, sources familiar with the matter told Bloomberg. <\/p>\n

Refresher-<\/strong> Adnoc plans to integrate new units at its Ruwais facility to process a diverse range of crudes, after completing maintenance, Bloomberg reported in April. The add-ons will allow the company to purchase cheaper barrels from other producers.<\/p>\n

The nine OPEC members subject to supply quotas saw oil production climb to 21.6 mn <\/strong>barrels per day (bbl \/ d) in May, <\/strong>up from 21.5 mn bpd in the previous month, according to S&P Global<\/a>. Total OPEC+ production increased to 26.75 mn bpd from 26.63 mn bpd during the period.<\/p>\n

OPEC is staying by its high demand forecast for the year<\/strong> despite<\/strong> a shaky start<\/strong>, pointing to an expected uptick<\/a> in travel and tourism later in the year driving oil demand to 2.25 mn bbl \/ d this year in its latest monthly report (pdf)<\/a>. There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.<\/p>\n

***
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